Should I transfer ownership of my home to my children to qualify for Medicaid?

March 16, 2018
8d4c05a57c79d604d0357dc8f3d74e4e

By - Stouffer Legal

Generally, transferring your home to your children is not the best way to protect it. In most situations, you do not have to sell your home in order to qualify for the nursing home care benefits provided by your Medicaid coverage, although after you die the government may initiate estate recovery for reimbursement. 

There is a look-back period of five years on any transfers which could prolong your Medicaid eligibility. Another drawback to transferring your home to your children is the loss of control. Your children can sell it, rent it, place it on AirBnB  and make changes to the home and land without your consent. The property may also become susceptible to your children's creditors. 

You may freely transfer your home to the following individuals without incurring a transfer penalty:

  • Your spouse
  • A minor child 
  • A legally disabled child
  • there are also a few other situation where this may be the best course such as when your adult child is a caretaker, but sound legal counsel should be sought prior to making any transfers of your property as a strategy for Medicaid eligibility.

Creating a trust may also help you protect your home from Medicaid estate recovery. To learn about all of your options, please call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planning Attorneys to learn more about Estate or Elder Law and how we can help you.

Next Up:
We can't wait to see you!
Today is the right day to take your first step. Click below to register for our next free workshop and learn what everyone is talking about.

Attending our next free Workshops is the best way to
Get Started on your New Estate Plan!
REGISTER FOR a WORKSHOP